ERG profit jumps 47%

Smart card technology group ERG has recorded a jump in group profit of 47 per cent in the 1998-99 financial year.

A profit of $20.3 million was achieved on revenue of $269 million, up 11 per cent on 1997-98.

Earnings per share grew 35 per cent to 9.6 cents per share and a full year unfranked dividend of 1.5 cents per share will be paid.

Directors expect that growth will exceed 20 per cent in 1999-2000.

In a major turnaround, ERG’s operating cashflow improved by $15 million to $2.3 million.